February 10, 2025

New Video: Senator Warren Sounds Alarm on Attack on Consumer Financial Protection Bureau

“Already, this little agency has forced the giant banks and corporations to give back more than $21 billion directly to families they cheated” 

“Trump campaigned on helping working people, but now that he’s in charge, this is the payoff to the rich guys who invested in his campaign and who want to cheat families” 

“Congress built the CFPB, and no one other than Congress — not the President, not Musk, not Vought – can shut it down.” 

Watch video here

Washington, DC - United States Senator Elizabeth Warren (D-Mass.) released a new video sounding the alarm on unelected billionaire Elon Musk’s and Project 2025 Architect Russ Vought’s attempt to kill the Consumer Financial Protection Bureau (CFPB). 

This weekend, Vought told Wall Street that it’s open season for them to cheat families, veterans, seniors, and students out of their money by directing the agency to cease all supervision and examination activity, pause all pending investigations, and pause all enforcement actions. This means the watchdog that oversees the $18 trillion consumer lending market has been taken off the job, investigations into illegal foreclosures and car repossessions are cancelled, exams to prevent Americans from getting debanked and Big Tech from violating people’s privacy and stealing their data are dropped, and rules that would save Americans billions of dollars in junk fees like capping overdraft fees and banning credit card late fees are on ice.

In her video, Senator Warren also called out how President Trump campaigned on helping working people and lowering costs, but now that he’s in charge, he’s letting families get cheated. Senator Warren laid out how Congress created the Consumer Financial Protection Bureau, and no one — not the President, not Musk, not Vought – can illegally shut down its work. 

Watch the video here and see full transcript below: 

If you have a bank account, or a credit card, or a mortgage, or a student loan - this is a code red. I am ringing the alarm bell.

Elon Musk and the guy who wrote Project 2025 Russ Vought are trying to kill the Consumer Financial Protection Bureau. 

If they succeed, CEOs on Wall Street will once again be free to trick, trap, and cheat you. 

The CFPB is the little agency working to shut down scams and fraud on the payment apps like Zelle, and PayPal, and CashApp.

It’s the agency that steps in when the big bank trips up and repossesses your car.

It’s the agency that’s working to cut those crazy fees that banks and credit card companies bury down in the fine print and then you gotta pay for them.

Already, this little agency has forced giant banks and corporations to give back more than $21 billion directly to families they cheated — and that includes hundreds of millions of dollars back for veterans who got cheated by predatory lenders. 

So why are these two guys trying to gut the CFPB? It’s not rocket science: Trump campaigned on helping working people, but now that he’s in charge, this is the payoff to the rich guys who invested in his campaign and who want to cheat families–and not have anybody around to stop them.  Yeah, it’s another scam.

After the 2008 financial crash and the big bank bailout, Congress created the CFPB to protect people from getting swindled. For years, Republicans have tried and tried again to repeal it in Congress - and they have failed every single time. Congress built the CFPB, and no one other than Congress — not the President, not Musk, not Vought – can shut it down. 

There is power in fighting back. Power. We will not let up in Congress or the courts until we win this fight. So please, call your representative and, most of all, get the word out. We’re here to fight for the little agency that fights for us.